This account takes significant differences between the size of economy and the valuations based on Gross domestic product (GDP), that is, the market value of all final goods and services from a nation in the current year 2019. Countries are sorted by nominal GDP estimates from financial and statistical institutions, which are calculated at market or government official exchange rates.

The International Monetary Fund has warned repeatedly that certain numbers should be taken with a grain of salt. For example, Macao, Luxembourg, Singapore, Switzerland, Ireland, and the Netherlands are all tax havens which means wealth originally generated in other countries ends up inflating their GDP because of sophisticated accounting and legal practices. More broadly, it is estimated that over 15% of global jurisdictions are tax havens and that about 40% of global foreign direct investment flows are so-called “phantom” transactions, financial investments passing through empty corporate shells with no real influence on a country’s economy and people’s financial wellbeing.

Values are expressed in current international dollars, reflecting a single year’s (the current year) currency exchange rates and PPP adjustments.

However, let us take a look at the latest publication by IMF to know the positions in the balance between the richest and the poorest of each of these countries.

THE 10 RICHEST COUNTRIES IN THE WORLD

10. Hong Kong

Current International Dollars: 66,517 | GDP & Economic Data

A former British colony, this special administrative region of China is a gateway to the mainland and Asia’s top financial center. Ranked 4 among 190 economies in the World Bank’s Ease of Doing Business index thanks to its good infrastructure and many tax incentives, Hong Kong is an incredibly popular destination to launch a start-up, with foreigners allowed to own 100% of their businesses without any citizenship, residency or nationality requirements. As a result, the island as a whole is extremely rich although according to government statistics one in five residents lives below the poverty line. Even so, Hong Kong is the city with the largest number of ultra high-net-worth individuals in the world (over 10,000 people with a net worth of at least $30 million).

9. Kuwait

Current International Dollars: 67,969 | GDP & Economic Data

The flat Arabian Desert covers most of Kuwait’s territory. It was only in 1938 that oil was discovered under its sands. A lot of oil: Kuwait makes up about 8% of the world’s total reserves. The oil industry accounts today for nearly one-half of the country’s GDP and over 90% of its exports. With a population of approximately 4 million almost entirely concentrated in urban areas, this small state on the northern edge of the Persian Gulf is one of the Middle East’s most advanced and democratic. However, dips in oil prices in recent years have begun to worry the very rich Kuwaitis: in 2015, the government announced the first budget deficit in more than a decade. The country has since then taken steps to diversify its economy by allowing 100% foreign ownership in a number of sectors and offering various tax breaks to investors. Nevertheless, such changes take time to bear fruit. In the meantime, Kuwait’s parliament passed yet another budget projecting a revenue shortfall for the current fiscal year: the fifth in a row.

8. United Arab Emirates

Current International Dollars: 70,474 | GDP & Economic Data

Agriculture, fishing and trading pearls: these used to be the economic mainstays of this Persian Gulf nation. Then oil was discovered in the 1950s and everything changed. Today, its highly cosmopolitan population enjoy considerable wealth, traditional Islamic architecture mixes with glitzy shopping centers, and workers come from all over the world lured by tax-free salaries and year-round sunshine (to the extent that only about 20% of the people living in the country are actually locally-born). The United Arab Emirates’ economy is also becoming increasingly diversified. Outside the traditionally dominant hydrocarbon sector, tourism and construction, as well as trade and finance, are major industries. Much anticipated is also the Dubai World Expo 2020, the biggest event the city has ever hosted which is expected to attract some 25 million overseas visitors.

7. Norway

Current International Dollars: 76,738 | GDP & Economic Data

Norway’s economic engine is fueled by oil. As western Europe’s top petroleum producer, the country has benefitted from rising prices after years of decline. With massive revenues pumping stimulus into the economy, the central bank governor recently decided to do the unthinkable: hike interest rates to their highest level since 2015. While the rest of Europe flirts with sub-zero rates in order to encourage investment and growth, Scandinavia’s richest nation seems to have the opposite problem: an uptick in inflation, the most glaring signal that the economy is getting stronger. On a side note, it is also important to point out that Norwegian policymakers know that with great GDP growth comes great responsibility: contrary to many other rich nations, high per capita GDP figures are truly a reflection of people’s financial wellbeing. Norway has one of the lowest income inequality gaps in the world.

6. Ireland

Current International Dollars: 82,439 | GDP & Economic Data

European Union economies are going through a rough period. Amid uncertainties tied to Brexit and trade tensions, rising oil prices and Italy’s economic woes, Eurozone officials were forced to slash their growth forecast for the 19 member countries to 1.1%. The Irish economy, however, just keeps growing: in 2019, it will expand by over 4%, consolidating its role as the fastest-growing economy of the bloc following the 2008 financial crisis. A nation of less than 5 million inhabitants, Ireland was one of the hardest hit by the global downturn. Following some politically difficult reform measures, including sharp cuts in public-sector wages and restructuring its banking sector, the island nation regained its fiscal health, boosted it employment rates and saw its per capita GDP almost double to its current levels. Do citizens feel twice as rich as 10 years ago? Probably not: Ireland is one of the world’s largest corporate tax havens, with ordinary people benefitting infinitely far less than companies do. Are they better off nonetheless? Undoubtedly.

5. Brunei Darussalam

Current International Dollars: 83,777 | GDP & Economic Data

1,788 rooms, including 257 bathrooms, a banquet hall that can accommodate up to 5,000 guests, a mosque for 1,500 people, an air-conditioned stable for 200 polo ponies, 5 pools and 18 elevators: this is where Hassanal Bolkiah, the Sultan of Brunei, lives. His fortune—derived from the immense reserves of oil and natural gas of the country—is estimated at over $20 billion, 40 times that of Britain’s Queen Elizabeth. Despite Bolkiah’s opulence, and a per-person GDP of over $86,000, malnutrition in Brunei is commonplace. Something like 440,000 people—40% of the population—earn less than $1,000 a year. As if things were not bad enough, the sultan—whose fortune is said to increase by $147 every second—decided in April 2019 to enact death penalty by flogging and stoning for those who commit adultery and sodomy. Being one of the world’s richest countries clearly does not mean being one of the most just.

4. Singapore

Current International Dollars: 103,717 | GDP & Economic Data

Singapore’s economy expanded by 3.2% in 2018, a sharp slowdown compared to 2017, when it grew 3.9%. Global trade tensions can have such effects. Yet one would be hard-pressed to find any clue of this deceleration by looking at the country’s GDP per capita figures. According to the IMF, GDP per capita grew in 2017 grew to over $86,000 from the previous year, reached $89,000 in 2018, and is projected to follow this upward trend in 2019 and until at least 2024, when it is expected to jump to $99,000. How did Singapore become so rich? When Singapore became independent in 1965, one-half of its population was illiterate. With virtually no natural resources, Singapore pulled itself up by its boostraps through hard work and smart policy, becoming one of the most business-friendly places in the world. Today, Singapore is a thriving trade, manufacturing and financial hub and 97% of the adult population is adult literate.

3. Luxembourg

Current International Dollars: 108,813 | GDP & Economic Data

You can visit Luxembourg for its castles and beautiful countryside, its cultural festivals or gastronomic specialties. Or you could just set up an offshore account through one of its banks and never set foot again, as many do. It would a pity though: situated at the very heart of Europe, this nation of about 600,000 has plenty to offer, both to its tourists and its citizens. Luxembourg uses a large share of its wealth to deliver better housing, healthcare and education to its people, who by far enjoy the highest standard of living in the Eurozone. Extraordinarily, it is worth mentioning that both the global financial crisis and the pressure from the EU and OECD to reduce banking secrecy have had little impact on the economy. In 2015, the country topped the $100,000 mark in per capita GDP and never looked back ever since.

2. Macao

Current International Dollars: 122,201

In Asia’s gambling capital many are betting that Macao will climb to the first spot of the richest nation’s ranking very soon. Formerly a colony of the Portuguese Empire, since the gaming industry was liberalized in 2001 this special administrative region of the People’s Republic of China has seen its wealth growing at astounding pace. With a population just over 600,000, and more than 40 casinos spread over a territory of about 30 square kilometers, this narrow peninsula just south of Hong Kong is—almost literally—a money-making machine.

1. Qatar

Current International Dollars: 134,623 | GDP & Economic Data

About $15,000 is, on average, how much each Qatari citizen has lost each year since the hydrocarbon prices started dropping in 2014. Still, the country’s total GDP per person in 2019 is still projected to remain above $134,000, slightly up from last year. Qatar’s oil, gas and petrochemical reserves are so large, and its population so small—just a little over 2.6 million—that it has topped the list of world’s richest nations for 20 years. This feat is even more remarkable given that Saudi Arabia and its allies imposed a blockade on Qatar in 2017.

Gross domestic product (GDP) based on purchasing-power-parity (PPP) per capita.

Values are expressed in current international dollars, to the nearest whole dollar, reflecting a single year’s (2018) currency exchange rates and PPP adjustments.​

Rank

Country

GDP-PPP ($)

1

Qatar

134,623

2

Macao SAR

122,201

3

Luxembourg

108,813

4

Singapore

103,717

5

Brunei Darussalam

83,777

6

Ireland

82,439

7

Norway

76,738

8

United Arab Emirates

70,474

9

Kuwait

67,969

10

Hong Kong SAR

66,517

11

Switzerland

65,707

12

United States

64,767

13

San Marino

61,552

14

Netherlands

58,255

15

Saudi Arabia

56,817

16

Iceland

56,530

17

Taiwan Province of China

55,244

18

Sweden

54,071

19

Germany

53,854

20

Austria

53,716

21

Australia

53,559

22

Denmark

53,552

23

Bahrain

50,868

24

Canada

50,626

25

Belgium

49,480

26

Malta

48,246

27

Finland

48,006

28

France

46,978

29

United Kingdom

46,782

30

Oman

46,476

31

Japan

45,565

32

South Korea

42,985

33

Cyprus

41,836

34

Spain

41,538

35

New Zealand

41,179

36

Puerto Rico

40,796

37

Italy

40,206

38

Aruba

40,160

39

Israel

39,160

40

Czech Republic

39,088

41

Slovenia

38,634

42

Slovak Republic

37,021

43

Lithuania

36,997

44

Estonia

35,718

45

The Bahamas

34,421

46

Poland

33,747

47

Hungary

33,708

48

Portugal

33,166

49

Trinidad and Tobago

32,684

50

Malaysia

32,455

51

Seychelles

31,809

52

Latvia

31,491

53

St. Kitts and Nevis

31,095

54

Greece

30,506

55

Russia

30,284

56

Antigua and Barbuda

29,298

57

Kazakhstan

28,515

58

Romania

27,753

59

Croatia

27,580

60

Turkey

27,391

61

Panama

27,305

62

Chile

27,059

63

Mauritius

25,029

64

Bulgaria

24,485

65

Uruguay

24,052

66

Maldives

23,154

67

Equatorial Guinea

21,441

68

Mexico

21,107

69

Belarus

20,820

70

Thailand

20,474

71

Argentina

20,425

72

Turkmenistan

20,409

73

Montenegro

19,908

74

China

19,520

75

Dominican Republic

19,516

76

Gabon

19,159

77

Barbados

18,798

78

Azerbaijan

18,794

79

Botswana

18,654

80

Serbia

18,567

81

Islamic Republic of Iran

18,505

82

Costa Rica

18,183

83

Iraq

18,008

84

Grenada

17,071

85

Brazil

16,662

86

North Macedonia

16,455

87

Algeria

15,765

88

Colombia

15,576

89

Suriname

15,526

90

Palau

15,369

91

Lebanon

15,208

92

St. Lucia

15,000

93

Peru

14,892

94

Mongolia

14,270

95

Bosnia and Herzegovina

14,164

96

Albania

14,102

97

Egypt

14,028

98

Indonesia

14,019

99

Sri Lanka

13,954

100

Paraguay

13,913

101

South Africa

13,865

102

Tunisia

12,801

103

Nauru

12,433

104

St. Vincent and the Grenadines

12,431

105

Georgia

12,282

106

Kosovo

12,154

107

Libya

12,051

108

Ecuador

11,700

109

Namibia

11,369

110

Eswatini

11,089

111

Dominica

10,866

112

Armenia

10,828

113

Fiji

10,710

114

Bhutan

10,015

115

Ukraine

9,743

116

Jamaica

9,729

117

Jordan

9,651

118

Philippines

9,494

119

Morocco

9,284

120

Guyana

8,974

121

Guatemala

8,709

122

Belize

8,642

123

Lao P.D.R.

8,485

124

India

8,484

125

El Salvador

8,313

126

Uzbekistan

8,065

127

Vietnam

8,063

128

Bolivia

7,790

129

Cabo Verde

7,727

130

Moldova

7,700

131

Republic of Congo

7,119

132

Myanmar

7,029

133

Ghana

6,998

134

Angola

6,763

135

Tonga

6,496

136

Samoa

6,135

137

Nigeria

6,098

138

Pakistan

5,839

139

Timor-Leste

5,561

140

Nicaragua

5,433

141

Honduras

5,390

142

Bangladesh

4,993

143

Cambodia

4,643

144

Còte d’Ivoire

4,454

145

Tuvalu

4,275

146

Mauritania

4,201

147

Zambia

4,177

148

Sudan

4,089

149

Djibouti

3,999

150

Kyrgyz Republic

3,979

151

Cameroon

3,965

152

Kenya

3,863

153

Senegal

3,864

154

Papua New Guinea

3,789

155

Marshall Islands

3,788

156

Micronesia

3,584

157

Tajikistan

3,578

158

Tanzania

3,573

159

Lesotho

3,564

160

Sao Tomè and Prìncipe

3,441

161

Nepal

3,115

162

Vanuatu

2,932

163

The Gambia

2,903

164

Uganda

2,622

165

Zimbabwe

2,620

166

Benin

2,562

167

Ethiopia

2,517

168

Chad

2,505

169

Mali

2,474

170

Rwanda

2,444

171

Guinea

2,429

172

Yemen

2,404

173

Solomon Islands

2,297

174

Kiribati

2,134

175

Burkina Faso

2,096

176

Afghanistan

2,086

177

Guinea-Bissau

2,025

178

Haiti

1,903

179

Togo

1,820

180

Eritrea

1,718

181

Sierra Leone

1,701

182

Madagascar

1,698

183

Comoros

1,662

184

South Sudan

1,613

185

Liberia

1,413

186

Mozambique

1,331

187

Niger

1,280

188

Malawi

1,234

189

Democratic Republic of the Congo

791

190

Central African Republic

746

191

Burundi

727

Shimmering casinos and hordes of tourists are good for business too: Macao, Asia’s gambling haven, is the second-most affluent state in the world. Bigger countries with a relatively small population like Norway and the United Arab Emirates, two other oil and gas-rich powerhouses, round up the list of the top 10 richest nations according to the figures released by the International Monetary Fund (IMF) in April 2019.

But what do we mean when we say a country is “rich,” especially in an era of growing income inequality between the rich and everyone else? While gross domestic product (GDP) measures the value of all goods and services produced in a nation, dividing a country’s GDP by the number of the full-time residents is a better way of determining how rich or poor one country’s population is relative to another’s. The reason why “rich” often equals “small” then becomes clear: these countries’ economies are disproportionately large compared to their comparatively small populations.

However, only when taking into account inflation rates and the cost of local goods and services can we get a more accurate picture of a nation’s average standard of living: the resulting figure is what is called purchasing power parity (PPP), which is often expressed international dollars in order to allow comparisons between different countries.

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